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Best Banks for Millionaires

Bank of America and Wells Fargo are the best banks for Millionaires, according to a study by Spectrem Group.

Millionaires with a net worth of between $1 million and $5 million not including primary residence were included in the study. They were asked to identify their primary bank with which they perform the most basic financial transactions such as checking and lines of credit.

Thirteen percent of Millionaires use Bank of America as their primary bank, and 11 percent used Wells Fargo, out of a list of banks chosen by all the Millionaires surveyed. JP Morgan Chase (10 percent) was the third most popular bank with 10 percent of Millionaires using it.

Twenty-four percent of Millionaires under the age of 45 use JP Morgan Chase, and that was the highest percentage for any bank among any wealth segment.

Twenty-five percent of Millionaires who identified themselves as professionals use Bank of America.

Other banks included in the results were PNC (3%), US Bank (3%), USAA (2%), and BB&T (2%). Forty-three percent selected a bank other than the top seven.

Both Wells Fargo and Bank of America have worked their way into the top five primary advisors as well as being in the top five primary banks. Wells Fargo finished second as the primary advisor for Millionaires, with 8 percent choosing it, while Fidelity was the top choice within 9 percent. Bank of America was third among Millionaires with 6 percent.

Among 14 choices offered in terms of serving as an advisor to Millionaires, bankers were the sixth choice (10 percent) behind full-service broker (34 percent), independent financial planner (16 percent), discount/online broker (14 percent), accountant (13 percent) and investment manager (11 percent). Twenty-one percent of Millionaires said they do not use an advisor.

About the Author

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.